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Tom Petters was convicted in 2009 of carrying out a $3.6 billion Ponzi scheme and was later sentenced to 50 years in prison. (Credit: Getty)

Katten Back On Hook In Malpractice Suit Over Ponzi Scheme

The Seventh Circuit revived a malpractice suit Tuesday accusing Katten Muchin Rosenman LLP of ignoring red flags that should have tipped it off to Tom Petters’ mammoth Ponzi scheme, saying a competent lawyer would have alerted clients.

  • Judge Tosses $533M Verdict Against Apple In Patent Row

    A Texas federal judge on Tuesday granted Apple Inc. a second bite at damages in a patent infringement suit, tossing a $533 million verdict over an errant instruction that skewed the jury’s view of how much the tech giant should pay for using Smartflash LLC’s media storage technology.

  • Wyly Bros. Lose Bid For New Trial After $300M SEC Judgment

    A New York federal judge has rejected bankrupt Texas tycoon Sam Wyly's request to undo the jury verdict that led to a $299 million judgment after the U.S. Securities and Exchange Commission charged Wyly and his late brother with duplicitous offshore trading.

  • 8th Circ. Won't Rehear Case Over Army Corps' CWA Authority

    The Eighth Circuit on Tuesday rejected the U.S. Army Corps of Engineers' plea that it review a panel’s holding that courts may review the Corps’ approved jurisdictional determinations about whether a water body is subject to its authority.

  • Judge Grills Amarin, FDA Over Off-Label Promo Statements

    A New York federal judge on Tuesday appeared unlikely to immunize Amarin Pharma Inc. from punishment by the U.S. Food and Drug Administration for engaging in off-label promotion, while nonetheless suggesting that certain truthful statements may be constitutionally protected.

  • En Banc 9th Circ. Loosens FCA’s Original Source Requirement

    The Ninth Circuit on Tuesday reversed a dismissal of consolidated False Claims Act suits brought by whistleblowers against Kinetic Concepts Inc., overturning 23 years of precedent by ruling en banc that it doesn’t matter whether whistleblowers also played a role in the public disclosure of their claims.

  • Canadian Authorities Say Silver Co. Owes $567M In Taxes

    Silver Wheaton Corp., a Vancouver-based silver company, said Monday that Canada’s tax administrators had proposed increasing the firm’s tax liabilities by some CA$715 million ($567 million) for 2005 through 2010 because of its transfer-pricing practices.